Generator is one creation that controlled organizations over the world. Today, there is not really a business that does not rely upon power. While numerous nations today may be adequate in creating power, organizations require elective power supply to guarantee consistent work process. A few parts require continuous power supply to have 24×7 procedures work proficiently.
Competition in the global generator market is fueled by innovation and low-energy consuming equipment. With growing demand for the product, players in the global generator market are introducing high energy products that work on consumption of less fuel. Some of the key players in the global generator market are Yamaha Motor Corporation, Cummins Inc., Kohler Co., Caterpillar Inc., Honda Siel Power Products Ltd., Mahindra Powerol, KOEL Green, Honda Siel Power Products Ltd., and Generac Holdings.
Request For Discount On This Report :
According to a recently published Transparency Market Research report the global generator market was valued at US%$ 1.8bn by the end of 2015. TMR analysts estimate that the global generator market will ride at a stable growth of 7.1% during the forecast period, and will reach an overall value of US$3.3bn by 2025.
When it comes to segments, diesel-powered generator will continue to augment the highest demand in the global generator market. Whereas in terms of geography, Asia Pacific is expected to enjoy the highest demand during the forecast period. Growing corporate offices in developing nations like India and China, and industrially developed regions will propel demand in this region.
24×7 Power Supply Sectors to Sustain Demand
There are several sectors that require uninterrupted power supply. For instance, healthcare requires constant supply of electricity for critical equipment to function. In case of power disruption, equipment require back up, otherwise it will put the patients’ lives at risk. This is augured to rise demand from healthcare sector in the global generator market. Further, globally hospitals are becoming multispecialty centers of treatment, which means they are increasing in size. Hence, the need for products from the global generator market will increase in the forecast period.
At the same time, another sector that will spur demand for products in the global generator market is information technology. A large number of companies today function on digital networks and data. To manage large pools of data, companies use servers which have to be operated 24×7. This determines the need for generators. As more companies adopt digital technologies, the demand for severs will grow, and as a result, the consumption in the global generator market will also rise.
Environment Friendly Products to Create Fresh Opportunities
Most generator across the globe are diesel powered and it is a well-established fact that diesel generators will impact the environment. Hence, there is push to develop products that work on renewable energy. Companies across the world are working on technology that could utilize renewable energy sources like solar or wind to power generators. Success in these trials will open fresh avenues for players in the global generator market. Products to power small devices are already available in the market. Devices to power large requirements are the need in the global generator market. Thus, innovation will stoke demand in the global generator market in the coming years.
Major players in the Generator (Up to 20 kVA) market include Yamaha Motor Corporation, Cummins Inc., Kohler Co., Caterpillar Inc., Honda Siel Power Products Ltd., Mahindra Powerol, KOEL Green, Honda Siel Power Products Ltd., and Generac Holdings.